DOGE Price Being Swayed By Whales And Social Media

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Recently Dogecoin has been issuing gains of more than 14,000% in 1 year. This might be an indication of the surge in retail investors across the cryptocurrency sector. This gives rise to the question as to whether DOGE price will rise further.

Dogecoin has successfully managed to acquire mainstream attention and media popularity in the crypto market, especially during April. On 1st April, this meme token was being traded at around $0.05 which was a normal rate. However, Elon Musk made a tweet about DOGE on that day once again that led to an enormous price rally.

Upwards Journey Of DOGE

Elon Musk, the CEO of Tesla, had tweeted that SpaceX intends to put one DOGE token on the moon, literally. Even though this tweet was a sort of a joke, this put the token on an unprecedented price rally that increased at an exponentially fast pace.

Dogecoin price spiked by over 35% within the next 2 hours and reached $0.07. Finally, it slowed down but retained its gains. The forthcoming price surge took place on 14th April when one DOGE token price nearly doubled in one day and broke through the mark of $0.10.

This breakthrough gained the attention of Elon Musk who again tweeted a photo of Dogecoin symbol dog barking on the moon. Once again the price of the coin encouraged the social sentiment and pushed the price further up to a record high on 16th April to $0.45.

Dogecoin is the official payment for Dallas Maverick, NBA franchise merchandise. The owner, Mark Cuban, has informed that their merchandise sales increased 550% after the club made it official to accept Dogecoin tokens as payments.

During record highs, the market cap of the token had even surpassed Ford and Barclays.